ImmunoPrecise Antibodies Ltd (OTCMKTS:IPATF) (CVE:IPA), the antibody discovery contract research organization (CRO), said lower expenses and increased revenue had led to positive adjusted earnings in its third quarter, sending shares higher.
The firm hailed the fact that adjusted EBITDA (earnings before interest tax, depreciation and amortization) for the three months to end January this year and the nine months came in at C$717,716 and C$18,356, respectively - positive for the company for the first time.
READ: ImmunoPrecise forges AI collaboration with EVQLV to discover vaccine and antibodies for coronavirus
That compares to a loss of C$461,353 and a loss of C$1,553,090 for the same periods last year.
"We are pleased to report IPA's record quarterly revenue and earnings, which was fueled by strong demand for a wide variety of our products and services in tool, research and therapeutic antibody discovery and manufacturing," Jennifer Bath, the group's president and chief executive, told investors.
"Careful attention to operational prioritization, site efficiencies and brand recognition in 2019 led to new vendor qualifications from pharmaceutical and biotech companies, enabling larger allocations of corporate budgets in the 2020 calendar year."
"The positive adjusted EBITDA is a result of the third quarter's 50% increase in revenue and lower adjusted operating expenses compared to the prior year's quarter and nine-month period," the firm added.
The net loss for the third quarter was a record C$625,837 - a decrease of 47% in from the same period a year ago, on revenue of C$4,034,440 -- up 50% from the year-ago quarter and an all-time record.
For the three months, the company also posted a gross profit of C$2,223,669, it added.
The firm listed the following recent highlights:
- IPA launched coronavirus vaccine and therapeutic programs
- As IPA directs R&D efforts toward coronavirus, company is added to WHO (World Health Organization) draft landscape of companies combating COVID-19
- Company announced AI collaboration with EVQLV, Inc, to accelerate the efforts in the development of a coronavirus therapeutic
- IPA integrated SGI's DNA Automated DNA Printer at Utrecht Site
- IPA subsidiary, UPE, joining Genmab and Merus in expansion to New Biotech Accelerator in the Center of European Science Industry
ImmunoPrecise shares gained 7.4% in early Toronto deals to stand at C$0.72 each, before dropping back to C$0.69, a gain of 2.99%.
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